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Our verdict

Earn up to 100,000 bonus Velocity Points through NAB Rewards and a discounted $195 annual fee in the first year (then $295 p.a.).

This offer ended on 5 September 2023. You can compare the current range of NAB credit card options here.

Pros

Up to 200,000 NAB Rewards Points (converts to 100,000 bonus Velocity Points)
Up to 3.75 NAB Rewards Points per $1
Option to automatically transfer points to Velocity (2:1 conversion rate)
Discounted $195 first-year annual fee

Cons

Need to keep the card for at least 12 months to get the full amount of bonus points
The standard $295 annual fee is relatively high when compared to similar cards
3% foreign transaction fee

The NAB Rewards Signature is a top-tier credit card that offers auto-transfers from NAB Rewards Points to Velocity Points. Right now, you can earn 80,000 bonus Velocity Points when you apply by 5 September 2023 and spend $3,000 on eligible purchases in the first 60 days from account opening. These Velocity Points are converted from automatic redemption of 160,000 NAB Rewards Points. For NAB to set up auto-transfers, you will need to give NAB your Velocity Frequent Flyer number after your application is approved.

You can then earn a further 20,000 bonus Velocity Points converted from 40,000 NAB Rewards Points. To collect all of the bonus points on offer, you will need to keep your card open for over 12 months. This means you will need to pay the discounted annual fee of $195 in the first year and the $295 second year annual fee.

This card also earns between 1.25 and 3.75 NAB Rewards Points per $1 on eligible spending. When you set up auto-transfers to Velocity, every 2 NAB Rewards Points converts to 1 Velocity Point.

Details

Product details

Product Name	NAB Rewards Signature Card – Velocity Points - DISCONTINUED
Balance transfer rate p.a.	0% for 12 months with 3% balance transfer fee, then 21.74%
Balance transfer limit	90% of available limit
Purchase rate p.a.	19.99%
Interest-free period	Up to 44 days on purchases
Cash advance rate p.a.	21.74%
Min credit limit	$15,000
Max credit limit	$75,000
Card type	Visa

Eligibility

Available to temporary residents	Yes - Conditions apply
Joint application	Yes

Rewards

Rewards program	Velocity Frequent Flyer
Bonus points	100,000
Rewards points per $ spent	1.25

Fees

Annual fee	$195 first year ($295 after)
Minimum monthly repayment	2% of the closing balance or $25, whichever is greater
Late payment fee	$15
Foreign currency conversion fee	3%
Cash advance fee	3% or $3, whichever is greater
Overseas ATM withdrawal fee	$5
Additional cardholder fee	$0
Number of additional cardholders	1

How to apply

It takes about 15 minutes to apply for a NAB Rewards Signature Credit Card online, and you'll get a response in around 60 seconds. To get started, check you meet the eligibility criteria and have all the details needed to complete the application.

Eligibility criteria

New cardholder. To be eligible for the up to 200,000 NAB Rewards Points (automatically converted to 100,000 bonus Velocity Points), you cannot hold or have held a NAB Rewards card in the previous 18 months.
Velocity Frequent Flyer details. You need to provide NAB with your Velocity Frequent Flyer details after being approved for this card. Otherwise, the Velocity auto-transfer won't be set up and you'll earn NAB Rewards Points. Using Velocity Points is subject to Velocity's terms and conditions.

Australian residency status. You can apply if you're an Australian citizen or permanent resident. If you are not a citizen or permanent resident, you will need to have an acceptable visa. Many visas are acceptable but the following are not: Visitor Visa (exception, a Special Category Visa - NZ Citizen is acceptable), Working Holiday, Student, Exchange/gap year, Transit/short stay/seasonal, and Bridging.
Income. You must have a regular source of income.
Age. You must be at least 18 years old to apply.
Eligible balance transfer. If you elect to transfer a balance, you can transfer up to 90% of your credit limit from Australian-issued, non-NAB cards.

Required documents

Personal details. Including your full name, date of birth, residential address, marital status and number of dependents. You'll also be asked to include proof of identification including your driver's licence number, passport or birth certificate.
Employment details. You'll need to provide details of your occupation, salary and employer, including contact details for them. You may also be asked to provide recent payslips.
Finances. As well as your income, you'll need to provide information regarding any other expenses, assets or liabilities.
Balance transfer details. If you are planning to transfer a balance, you'll need to provide the details of that account(s), including the institution and account number.

Card benefits

Bonus points offer. You'll earn 80,000 bonus Velocity Points (automatically converted from 160,000 NAB Rewards Points) when you apply, provide NAB with your Velocity Frequent Flyer number and spend $3,000 on eligible purchases in the first 60 days from account opening. You'll get another 20,000 bonus Velocity Points (automatically converted from 40,000 NAB Rewards Points) after the 12-month anniversary of opening the account, as long as the auto-transfer remains in place. NAB will send an email after the application is approved with details about providing your Velocity Frequent Flyer number to set up the auto-transfer option. Eligible purchases cover most everyday and retail spending, but exclude transactions such as cash advances, government payments and balance transfers.
Discounted first-year annual fee. This card offers a reduced annual fee of $195 for the first year, which goes to $295 p.a. after that.

Points per $1 spent. This card earns 1.25 NAB Rewards Points per $1 spent on most everyday purchases, 2.5 points per $1 on purchases made at major department and hardware stores (including Myer, David Jones, Kmart, Target, Big W, Bunnings and Mitre 10) and 3.75 points per $1 for eligible spending with Webjet, when you're overseas or when you make overseas purchases online. With a Velocity Points auto-transfer, every 2 NAB Reward Points equals 1 Velocity Point. This means you earn an equivalent of around 0.625 to 1.875 Velocity Points per $1 spent. Transactions that don't earn points include cash advances, interest charges and other bank fees, government transactions, balance transfers and gambling.
Rewards and point transfers. When you set up an auto-transfer, every 2 NAB Rewards Points will be converted to 1 Velocity Point. If the auto-transfer to Velocity is not set up, you'll earn NAB Rewards Points on the NAB Rewards Signature Credit Card.
Balance transfer offer. The NAB Rewards Signature offers 0% p.a. for the first 12 months, with a one-time 3% balance transfer fee. At the end of the introductory period, any debt remaining from the transfer will attract the variable cash advance interest rate, currently 21.74% p.a., and you must still make minimum repayments.
Mobile wallets. You can link your NAB credit card with Samsung Pay, Apple Pay, Google Pay, Fitbit Pay or Garmin Pay to make contactless payments using your eligible device at the checkout.

Rates & fees

Annual fee. Outside of any promotions, this card charges an annual fee of $295 p.a.
Purchase rate. If you carry a balance, your purchases will accrue a variable interest of 19.99% p.a.

Interest-free days. You'll get up to 44 interest-free days on purchases when you pay your balance in full, or if your statement shows an interest-free days amount that you pay in full, by the statement due date.
Cash advances. This card has a variable cash advance interest rate of 21.74% p.a. When you make a cash advance (such as an ATM withdrawal), you'll also be charged a fee worth 3% or $3, whichever is greater.
Minimum credit limit. You can apply for a minimum credit limit of $15,000 p.a.

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NAB Rewards Signature – Velocity Points

Our verdict

Pros

Cons

Details

Product details

Eligibility

Rewards

Fees

How to apply

Eligibility criteria

Required documents

Card benefits

Rates & fees

Sources

Your reviews

Ask an expert

NAB Rewards Signature – Velocity Points

Pros

Cons

How to apply

Eligibility criteria

Required documents

Card benefits

Rates & fees

Sources

Your reviews

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